Reference no: EM132604360
Question a: Joe runs a plumbing business. Indicate which of the following transactions relate to his business and which are personal transactions.
(a) Joe won $10,000 on the National Lottery and decided to invest it in the business.
(b) His sister's washing machine broke down and he fixed it for her as a favour.
(c) She recommended him to a friend who then asked him to plumb in her dishwasher. He charged her $40.
(d) Joe bought a van for the business costing $8,000.
(e) He also bought a family car which he will sometimes use in the business.
Question b: Newman started in business on 1 January 20X1 and paid $2,000 into his business bank account. On 30 June he transferred to the business his car valued at $1,400. Each week he withdrew $60 from the business in cash. The accounts prepared for 20X1 showed that his business had earned a profit of $4,100 during the year.
Prepare the Capital section only of the balance sheet, taking into account the above transactions.
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